The Economic and Financial Crimes Commission (EFCC) has declared Seun Ogunbambo, Managing Director of Fargo Petroleum and Gas Ltd., wanted over his alleged involvement in a staggering ₦976.65 billion fuel subsidy fraud.
In an official statement released Friday, EFCC spokesperson Dele Oyewale described Ogunbambo as “a fugitive from justice”, revealing that he absconded after being granted bail during an ongoing trial at the Lagos State High Court.
Ogunbambo was standing trial alongside Mamman Ali and Christian Taylor, who were both convicted and sentenced to 14 years in prison by the court on Tuesday, May 27, 2025. The trio were accused of orchestrating a massive scam involving fictitious subsidy claims for petroleum products that were allegedly never supplied.
According to investigators, Fargo Petroleum and Gas Ltd fraudulently obtained ₦976,653,110.28 as subsidy reimbursement from the Federal Government without any delivery of fuel—a scheme the EFCC says exploited loopholes in the nation’s subsidy payment system.
The EFCC further disclosed that Ogunbambo, who is described as light-skinned and fluent in English and Yoruba, was last traced to 2 Olamijuyuan Crescent, Ikoyi, Lagos. He has since failed to appear in court, defying court orders and evading justice.
“The suspect vanished after being granted bail and has refused to return to court,” the statement read. “We are calling on all well-meaning Nigerians not to harbour him. Anyone with information on his whereabouts should report immediately to the nearest EFCC office.”
The anti-graft agency urged the public to report sightings to any of its zonal commands located in Lagos, Enugu, Kano, Gombe, Port Harcourt, Ibadan, Benin, Kaduna, Sokoto, Makurdi, Ilorin, Maiduguri, Uyo, or Abuja.
This development adds to the growing list of high-profile subsidy fraud cases that have rocked Nigeria’s petroleum sector, raising fresh concerns over regulatory oversight and the urgent need for subsidy reform.
